Relative to a Competitive Situation, If a Market Lacks Competition

question 107

Multiple Choice

Relative to a competitive situation, if a market lacks competition, economic theory suggests that

• A) output will be lower and price higher.
• B) output will be higher and price lower.
• C) both output and price will be higher.
• D) both output and price will be lower.

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Definitions:

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Message Recall

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